Housing continues to be a serious problem for the U.S. economy with a tremendous amount of unsold overhang remaining in the system.
This means that more than 7 million homes remain weighing down the market, due to bank’s having repossessed them or the loans being in delinquency.
It’s interesting to note, per this chart from Whitney Tilson’s T2 Partners, this does not include new defaults, which are around 300,000 per month.
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